Problems with buying and selling a home

NorbieG

I’ve made a petition - will you sign it?  

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Thanks,
The Petitions team
UK Government and Parliament

My petition: Problems with buying and selling a home.

I believe a better system would be that as there are costs involved in buying a house even before contracts are exchanged, the liability for any costs should be on the person/s who pulls out of and scuppers the deal.

It's not fair that these buyers should make offers, and then use the time for completion of the sale to continue going around looking for cheaper properties, while at the same time the seller takes their property off the market and then goes about looking for and viewing properties, appointing solicitors, have surveys and searches done! So, in this respect; a holding fee should be made compulsory and made payable to the seller or the buyer for inconveniences and loss of money. I believe this will make either party think twice before pulling out of a sale or purchase for no good reason.

Holding fees/deposits are made payable on new-build homes...  So why don't the same apply to second-hand homes, also?

daveyjp

When is the holding fee paid?  Before or after all due diligence is carried out?

Slithery

What if someone pulls out for a good reason? Who decides what is or isn't a good reason?

Your suggestion is unworkable in its current state, I won't be signing.

GDB2222

There is a nugget of a good idea there.

TBG01

Define a "good reason".

markin

Would not be needed if all sellers had to provide freely the surveys and searches, That idea was floated some years ago, no idea why it didn't happen, that would be a better thing to petition for.

canaldumidi

Do you think this is in any way original? Over the last 30 years there have been multiple evaluations of the English conveyancing process, by lawyers, surveyors, consumer champions, MPs and others with an interest in the topic.

Some changes have been made but the system remains broadly the same.

What makes you think you can change it?

As posters above have intimated, and doubtless many others will below, there are multiple reasons why your proposal is unworkable.

Sign a pertition? No thanks.

ps - could not even see your link to the petition. Waste of everyone's time.....

RAS

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AFF8879

Is there actually a link? Either way, whilst this would have already been attempted 100s if not 1000s of times in the past hence likely in vain, I wouldn’t title your petition “Problems with buying and selling a home” as it doesn’t tell anyone what you actually want to see happen. Your title should be a succinct summary of the new laws you wish to see put in place

Joyful

I think the Scottish way is better. The Seller pays for a Home report which has a lot of info on it plus a valuation. When people exchange, they can put " subject to ... checks" If this is agreed and all is well, then they are committed to buying.

Murphybear

Remember the HIPs?  They were pretty disastrous